Land Tax Relief Package to Assist Landlords and Tenants
State Government announces $50 million dollar land tax relief package to assist Landlords and Tenants.
Residential and SME commercial tenants – including gyms, restaurants, cafes, beauty salons and hairdressers - suffering significantly as a result of COVID-19 restrictions will benefit from immediate rent reductions as part of a sweeping land tax relief package for their landlords, announced today by the Marshall Liberal Government.
The State Government is providing approximately $50 million in emergency land tax relief for landlords which is expected to assist thousands of SME businesses and residential tenants across South Australia – bringing to $120m total land tax savings for local investors over the next year.
Under the emergency scheme, which is modelled on similar packages in New South Wales and Victoria, eligible landlords* will be offered a 25% reduction on their 2019-20 land tax liability on affected properties.
Treasurer Rob Lucas said landlords would be required to pass on the full benefit^ of the $50m in land tax relief to their tenants impacted by COVID-19 restrictions.
“This will be a powerful shot in the arm for local businesses and residential tenants who have been suffering a significant downturn in trade and income as a result of COVID-19 and the necessary restrictions imposed to help limit its spread,” said Treasurer Lucas.